Exchange Traded Concepts LLC bought a new position in shares of Rayonier Inc. (NYSE:RYN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,444 shares of the real estate investment trust's stock, valued at approximately $821,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Byrne Asset Management LLC bought a new position in shares of Rayonier in the 1st quarter worth $38,000. Wealth Enhancement Advisory Services LLC acquired a new position in Rayonier in the first quarter valued at about $1,017,000. Fifth Third Bancorp boosted its holdings in Rayonier by 182.4% during the first quarter. Fifth Third Bancorp now owns 2,753 shares of the real estate investment trust's stock worth $77,000 after buying an additional 1,778 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in Rayonier by 4.5% during the first quarter. Handelsbanken Fonder AB now owns 45,695 shares of the real estate investment trust's stock worth $1,274,000 after buying an additional 1,956 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Rayonier by 54.6% during the 1st quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust's stock worth $75,000 after buying an additional 947 shares during the period. Institutional investors own 89.12% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on the stock. Raymond James Financial upgraded shares of Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price target on the stock in a research report on Wednesday, March 12th. Citigroup cut their target price on shares of Rayonier from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Tuesday, June 3rd. Wall Street Zen raised shares of Rayonier from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada decreased their price target on shares of Rayonier from $28.00 to $27.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Finally, Truist Financial dropped their price objective on Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $27.75.
Check Out Our Latest Report on RYN
Rayonier Stock Down 0.3%
Shares of RYN traded down $0.08 on Friday, hitting $22.54. The company's stock had a trading volume of 1,554,962 shares, compared to its average volume of 888,445. The firm's fifty day moving average price is $23.82 and its 200-day moving average price is $25.72. Rayonier Inc. has a fifty-two week low of $22.30 and a fifty-two week high of $31.29. The company has a quick ratio of 2.60, a current ratio of 2.71 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 9.67 and a beta of 1.05.
Rayonier (NYSE:RYN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). The company had revenue of $82.90 million during the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a net margin of 30.09% and a return on equity of 3.29%. The business's quarterly revenue was down 27.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 EPS. On average, equities research analysts expect that Rayonier Inc. will post 0.55 EPS for the current year.
Rayonier Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a $0.2725 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.09 annualized dividend and a yield of 4.84%. Rayonier's dividend payout ratio is currently 46.78%.
Rayonier Company Profile
(
Free Report)
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.
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